Why oil's not well in the British Isles

In July, the UK recorded an oil deficit of £61m, its first oil shortfall for 13 years. Earlier this ...

In July, the UK recorded an oil deficit of £61m, its first oil shortfall for 13 years. Earlier this month, the Government's National Statistics Office (NSO) announced a trade gap in goods of £5.2bn for July, slightly more than economists had expected. Oil was only a small part of the deficit, yet may turn out to be a significant component. Ever since the big offshore oil fields in the North Sea were developed in the 1970s, Britain has been a net exporter of oil. A healthy oil surplus has been one of the strengths of the British economy for so long that most people take it for granted. If ...